Bourse

Bourse

Oil prices keep climbing to 10 month high

25 August 2009 07:33 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose to a 10-month high as stronger equities bolstered confidence that the global economy will recover from the recession, Bloomberg reported.

Oil climbed 0.7 percent after global stocks advanced for a fifth day as leaders of the worldâ€™s biggest central banks said the recession is ending. The Standard & Poorâ€™s 500 Index is undergoing its longest rally since November. The dollar traded near a two-week low.
Crude oil for October delivery increased 48 cents to settle at $74.37 a barrel at 2:43 p.m. on the New York Mercantile Exchange. The contract touched $74.81 a barrel, the highest level since Oct. 21. Futures have gained 67 percent in 2009.
Benchmark West Texas Intermediate traded at a premium to its European counterpart, North Sea Brent, for the first time in seven weeks as U.S. stockpiles declined. Two weeks ago, WTI was about $3 cheaper than Brent.
Brent crude oil for October settlement rose 7 cents to close at $74.26 a barrel on the London-based ICE Futures Europe exchange.
Gasoline for September delivery advanced 5.35 cents, or 2.7 percent, to settle at $2.0491 a gallon on the Nymex. Prices touched $2.0543, the highest since Aug. 13.